Central Asia Metals Plc · LSE:CAML
Central Asia Metals — H1 2025 Earnings Presentation
30 slides from Central Asia Metals's earnings presentation, Sep 10, 2025
Slide 1: H1 2025 Results
H1 2025 RESULTS 10 September 2025 1
Slide 2: Disclaimer
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 DISCLAIMER The information contained in this confidential document (‘Presentation’) has been prepared by Central Asia Metals plc (the ‘Company’). It has not been fully verified and is subject to material updating, revision and f
Slide 3: CAML Operations
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 CAML OPERATIONS Kounrad (100%) Sasa (100%) - In-situ dump leach and SX-EW - Underground zinc and lead mine, copper operation, central northeast North Macedonia. Kazakhstan - Production commenced in 1960s; - In production since 2
Slide 4: H1 2025 Results Summary
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | 2025 H1 2025 RESULTS SUMMARY FINANCIAL HIGHLIGHTS ‒ Revenue of $99.5m COPPER ‒ EBITDA of $39.9m, at a margin of 40% PRODUCTION ‒ H1 2025 dividend 4.5p; share buyback programme of up to $10m to commence today 6,218t ‒ Total capital to be return
Slide 5: Financial Results
FINANCIAL RESULTS
Slide 6: Market Conditions
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 MARKET CONDITIONS Commodity markets Treatment charges (TCs) - Copper prices generally rose during H1 2025, and – Zinc and lead TCs remained favourable to prices ended the period just below $10,000/t concentrate producers during
Slide 7: H1 2025 Income Statement
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 INCOME STATEMENT KOUNRAD EBITDA SASA EBITDA $38.3m $11.9m (H1 2024: $42.3m*) (H1 2024: $16.7m*) Group EBITDA $39.9m - margin 40% - Revenue 2% lower YoY – Reflecting lower sales volumes across all metals Highlights ($m) H
Slide 8: H1 2025 Kounrad C1 Copper Cash Cost
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 KOUNRAD C1 COPPER CASH COST H1 2025 C1 cash cost $0.79/lb C1 cash cost H1 2025 H1 2024 H1 2025 H1 2024 (H1 2024: $0.78/lb) $m $m $/lb $/lb $0.01/lb YoY marginal increase Reagents 1.7 2.0 0.13 0.13 – Total C1 costs decrea
Slide 9: H1 2025 Sasa Run-of-Mine Costs
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 SASA RUN-OF-MINE COSTS H1 2025 RoM unit costs: $65.1/t H1 H1 H1 H1 (H1 2024: $60.2/t) C1 cash cost 2025 2024 2025 2024 $m $m (restated)* (restated)* $4.9/t YoY increase, owing to: – Increased salaries due to pay rises an
Slide 10: H1 2025 Capex
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 CAPEX GROUP CAPEX OF $7.4M (H1 2024: $8.3M) 2025F total capex $18-21m Sustaining capex $6.3m Sasa $4.2m including: – Underground development $2.6m – Mining equipment and UG fleet $0.8m – Raiseboring commenced during peri
Slide 11: 30 June 2025 Statement of Financial Position
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 30 JUNE 2025 STATEMENT OF FINANCIAL POSITION Flexible balance sheet 30 June 31 Dec Balance sheet ($m) 2025 2024 PPE 349.6 318.7 ‒ PPE increase mainly due to weakening of USD against the Macedonian denar Intangible assets 22.2 21
Slide 12: H1 2025 FCF and Cash Flow
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 FCF AND CASH FLOW Free cash flow ($m) H1 2025 Generated from ops 34.2 Income tax and WHT (16.3) Capex PPE (7.4) Exploration (0.5) 110 34.2 Interest received 1.2 100 Capital Projects 1.1 90 Cash settled SBP 1.0 Free cash
Slide 13: Operations
CENTRAL ASIA METALS PLC OPERATIONS
Slide 14: H1 2025 Operational Highlights: Kounrad
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 OPERATIONAL HIGHLIGHTS KOUNRAD Eastern Dumps - H1 2025 production 6,218t of copper cathode 5 7 6 2 20 - On track to meet full-year 2024 production guidance of 13,000– 20 9-10 14,000t of copper SX-EW Plant Western - Solar
Slide 15: H1 2025 Operational Outlook: Kounrad
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 OPERATIONAL OUTLOOK KOUNRAD - Relocation of portion of Dump 15 under way during H1 2025, completed post period end - During June, all anodes and cathodes in EW2 electrowinning section replaced to ensure product quality m
Slide 16: Sustainability at Kounrad
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 SUSTAINABILITY AT KOUNRAD H1 2025 SUSTAINABILITY ACTIVITY ‒ Zero lost time injuries at Kounrad since May 2018 ‒ Completed full safety and occupational health assessment ‒ Draft biodiversity management plan completed; water manag
Slide 17: H1 2025 Operational Highlights: Sasa
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 H1 2025 OPERATIONAL HIGHLIGHTS SASA - Ore mined 394,156t, 8% higher than in H1 2024 Unit H1 2025 H1 2024 - H1 2025 production 8,692t zinc-in-concentrate and 12,613t lead-in-concentrate Ore mined t 394,156 365,652 - On track to m
Slide 18: Sasa Strategic Review
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 SASA STRATEGIC REVIEW TRANSITION TO PASTE FILL MINING ‒ Orebody narrowing with depth as expected ‒ Transition to paste-fill mining, using two new mining methods, to control dilution as well as extending LoM and reducing tailings
Slide 19: Sustainability at Sasa
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 SUSTAINABILITY AT SASA H1 2025 SUSTAINABILITY ACTIVITY ‒ Zero lost time injuries recorded during the period ‒ Over 60% of tailings stored via DST and paste backfill – strong progress toward 70% target by 2026 ‒ Implemented TSF e
Slide 20: Exploration Activity
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 EXPLORATION ACTIVITY EXPLORATION IN SCOTLAND - 28.4% shareholding, with warrants to increase ownership to 37.6% - Phase 2B drilling campaign commenced at the Arthrath nickel-copper-cobalt project in Q2 2025 - Programme comprises
Slide 21: Capital Allocation / Outlook
CAPITAL ALLOCATION/ OUTLOOK
Slide 22: Returns to Shareholders
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 RETURNS TO SHAREHOLDERS POSITIVE CASH FLOW WITH A STRONG BALANCE SHEET ‒ 2025 interim dividend 4.5p ‒ Dividend to be paid on 22 October 400 2025 to shareholders registered on 26 September 2025 350 ‒ Share buy-back programme of u
Slide 23: Summary and Outlook
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 SUMMARY AND OUTLOOK H2 2025 OUTLOOK - Kounrad on track to achieve 2025 full-year guidance - Sasa on track to achieve revised 2025 guidance - Transition to paste-fill mining at Sasa continues; targeting improvements in grade cont
Slide 24: Contact Details
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 CONTACT DETAILS INVESTOR RELATIONS MANAGER Richard Morgan 36 Carnaby Street London W1F 7DR rm@caml.uk +44 (0) 207 898 9001 www.centralasiametals.com
Slide 25: Appendices
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 APPENDICES
Slide 26: Share Price/Shareholders
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 SHARE PRICE/SHAREHOLDERS SHARE PRICE PERFORMANCE VERSUS PEERS Share price* (AIM:CAML) 173.0 pence 7.00 Total no. voting shares 181,904,941 Treasury shares 193,325 6.00 Issued shares 182,098,266 5.00 Market capitalisation £315m R
Slide 27: Copper – Prices Absorb Initial Tariff Shock
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 COPPER – PRICES ABSORB INITIAL TARIFF SHOCK High volatility in the first half of 2025 Copper Market Balance 600 ‒ Copper prices recovered during Q2 2025, recording a YTD high of US$10,061 on LME at the beginning of July $10,000
Slide 28: Zinc – Balance Tight but Improving
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 ZINC – BALANCE TIGHT BUT IMPROVING Price volatility persists amid macro and market shifts Zinc Market Balance ‒ Zinc prices rallied from June’s US$2,562/t low to a July peak of 1,000 $4,000 US$2,861/t on the back of lower tariff
Slide 29: Lead – Price Correction in Q2 2025
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 LEAD – PRICE CORRECTION IN Q2 2025 Prices recovered after correction Lead Price Chart $2,600 ‒ After recording a YTD high of ~US2,080/t in mid-March 2025, lead prices plummeted to ~US1,820/t in the following weeks due to increas
Slide 30: Sustainability – Strategy and Progress
CENTRAL ASIA METALS PLC | H1 2025 RESULTS PRESENTATION | SEPTEMBER 2025 SUSTAINABILITY – STRATEGY AND PROGRESS PILLAR TARGET During H1 2025, CAML ENSURING ETHICAL Zero human rights abuses - Published its sixth annual PRACTICES Zero cases of bribery and corruption Sustainability Report Implement Grou